It’s no secret that college is a major investment but there are ways to eliminate a few zeros from that tuition bill — depending on the expected family contribution (EFC) of the applicant.
The EFC can also be referred to as the Student Aid Index (SAI), is used by the student’s chosen institution to help determine how much financial aid they are qualified to receive.
Typically, EFC is based off the information provided in the Free Application for Federal Student Aid (FAFSA). For a granular look at how EFC is calculated, the formula includes:
- Both taxed and untaxed income
- Assets and benefits such as Social Security
- Family size
- Number of family members who are attending university or trade school during the same academic year
Students may already be aware that although their EFC status can influence the amount of aid they qualify for, schools hold a lot of weight in that decision as well.
It is a common misconception that students from economically challenged backgrounds should immediately defer to a public university such as a SUNY school, but that is not completely accurate.
The College of Saint Rose offers highly competitive financial aid packages to bridge the gap and help students achieve their academic dreams, including the It’s Possible Program, which allows qualifying students to attend tuition-free.
Get the most out of the financial aid opportunities at your disposal and rake in all the dough needed to achieve your educational goals.
0 EFC & Need-Based Financial Aid
Perhaps you’ve heard of the term “0 EFC” and may be thinking to yourself “does that mean what I think it means?”
Well, the Financial Aid King is here to clarify what financial aid officers actually mean by 0 EFC. According to the Federal Student Aid Office (FSA), students who qualify as having 0 EFC are eligible to receive all types of need-based aid to pay for their education as their families are unable to financially contribute.
Need-based aid is governed by the student’s financial status, while non-need-based aid does not consider EFC or other qualifying factors.
The need-based formula for most institutions — both private and public — take the EFC of the student and subtract it by the cost of attendance (COA) of the school.
COA estimates the total expense of enrollment and study at the institution, accounting for factors such as annual tuition, room and board, in addition to miscellaneous expenses such as school supplies.
For example, if a school’s COA is $60,000 per year but your EFC is estimated at zero, then you are eligible to receive the total COA in need-based financial aid.
First-year New York residents starting fall 2022 with an EFC of zero for instance are qualified to enroll in the It’s Possible program at Saint Rose, which covers 100% of the tuition.
Now those are the zeros we actually like to see.
Institutional Financial Aid Opportunities
A school that cares about its students is one that also ensures finances don’t keep qualified applicants from attending.
Even private institutions such as Saint Rose emphasize the importance of being financially inclusive — doing everything possible to remain affordable by offering both need-based and non-need-based aid opportunities.
Aside from the It’s Possible Program, institutional aid is available at Saint Rose in the form of scholarships and grants, especially for first-year or incoming students.
Saint Rose’s annual merit-based scholarships reward tens of thousands of dollars to deserving applicants:
- Trustees Scholarship: $20,000
- Presidential Scholarship: $19,000
- Provost Scholarship: $18,000
- Dean’s Scholarship: $17,000
- Saint Rose Scholarship: $16,000
- Founders Scholarship: $15,000
Students who are interested in applying for one of these test optional scholarships can learn more about the process and eligibility requirements by contacting the financial aid office.
Academic merit is not the only measure of a student’s success or potential. Saint Rose recognizes versatility and diversity through the Authentically You Awards.
Whether you are the first in your family to pursue a bachelor’s degree, a member of the Reserve Officers’ Training Corps (ROTC), or a music maestro, applicants from all backgrounds can earn up to $3,000 in institutional awards.
Federal Financial Aid Programs
But what if you don’t qualify as a 0 EFC student or meet the eligibility requirements to receive institutional grants, awards, and scholarships?
Fear not, for the Financial Aid King as the answers.
Undergraduates can apply for a wide range of federal financial assistance as Saint Rose participates in most federal funding programs.
When it comes to education loans, subsidies, and grants, federal is far easier to repay than private.
Not only do federal financial aid products have much lower interest rates, but also longer grace periods and more loan forgiveness options — allowing borrowers to pay off their debt faster than average.
Saint Rose students at both undergraduate and graduate level can apply for the following federal financial aid options:
- Federal Supplemental Educational Opportunity Grant (FSEOG): Offered through the financial aid offices at select schools, the FSEOG program provides applicants between $100 and $4,000 per year depending on the student’s financial need as expressed in their FAFSA.
- Federal Direct Subsidized & Unsubsidized Loans: Undergraduates can cover the cost of their tuition and other related expenses by applying for either of these loan options offered by the United States Department of Education (DOE). With subsidized loans, the U.S. DOE pays interest on the borrower’s behalf up until the grace or deferment period ends. Unsubsidized loans entail the borrower to be responsible for all interest accumulated on the loan.
- Federal Direct PLUS Loans: Graduate students or those who are pursuing a professional degree can receive financial help either through a subsidized or unsubsidized PLUS loan.
- Federal Pell Grant: Undergraduate students in extenuating financial need can receive this annual need-based grant from the U.S. DOE, the amount of which can vary by year. For the 2022 to 2023 academic year, the maximum amount a student can receive is $6,495.
- Federal TEACH Grant: Qualifying students enrolled at an institution that participates in the TEACH Grant Program can receive up to $4,000 a year to help cover the cost of education.
- Federal Work Study: This is a need-based opportunity in which qualifying students can work part-time on-campus to help financially support themselves while in school.
New York State Financial Aid Options
New York natives are in luck, as being an in-state student opens doors to even more financial aid options reserved just for New Yorkers.
As a college that is dedicated to affordability, Saint Rose has opted into a variety of state-supported financial aid opportunities for New York residents:
- Enhanced Tuition Award (ETA): Through the ETA program, in-state students who are pursuing a bachelor’s degree at a participating private university or college in New York State (NYS) are entitled to at least $6,000 in grants.
- Tuition Assistance Program: Committed to helping students meet their educational goals, TAP administers grants of up to $5,665 to eligible students.
- NY Achievement and Investment in Merit Scholarship (NY-AIMS): Incoming college students with an exceptional academic record may be awarded an annual scholarship of $500 through the NYS Higher Education Services Corporation (HESC).
- Aid for Part-Time Study (APTS): This HESC program offers need-based financial assistance to part-time students in undergraduate school.
Regardless of your situation, the Financial Aid King advises each student applicant to take advantage of every opportunity to make their college experience more affordable.
Consider the Affordable Educational Opportunities at Saint Rose
The instruction and opportunities at Saint Rose are invaluable, especially when considering its affordability.
Through the school alumni network, professional connections, and training students can gain real-world experience before they graduate — making them more competitive candidates in the job market.
Whereas resources, professors, and space at institutions with larger student populations, such as a SUNY or CUNY school, can be spread quite thin, Saint Rose’s small class sizes, state-of-the-art facilities, and internship and research programs ensure every student has an opportunity to develop socially, professionally, and personally.
To learn more about how you can attain priceless education, request information from our professional financial counselors.
